- 4 - At some point during the divorce proceedings, petitioner was informed by Mr. Mirabelli that intervenor had funds on deposit in an individual retirement account maintained with Dean Witter Reynolds, Inc. (the Dean Witter IRA), that could be used to pay the marital debts. On April 1, 1998, the divorce court entered a document styled “Qualified Domestic Relations Order Dean Witter Reynolds, Inc.” (the QDRO). The QDRO assigns intervenor’s entire interest in the Dean Witter IRA to petitioner. The QDRO also directs the “immediate distribution of said interest/participant share” to petitioner “in two parts”; i.e., 20 percent was to be withheld on petitioner’s behalf for Federal income tax purposes, and “the balance shall be distributed” to petitioner. By letter dated April 3, 1998, intervenor’s divorce counsel transmitted the QDRO to Dean Witter Reynolds, Inc. (Dean Whitter) with specific instructions that the proceeds from the Dean Witter IRA be forwarded to Mr. Mirabelli on behalf of petitioner. A Distribution Request Form Account Termination (the form) was processed by Dean Witter several weeks later. The form is signed, but not dated, by intervenor. The form proceeds as though intervenor, rather than petitioner, was the “participant” with respect to the Dean Witter IRA and directs the proceeds of the account to be paid to petitioner, without any amounts withheld for Federal income tax purposes.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
Last modified: May 25, 2011